Entrepreneurship, Enterprise and Innovation

Entrepreneurship, Enterprise
and Innovation

Table of Contents
INTRODUCTION...........................................................................................................................1
Theories and practice of entrepreneurship, enterprise and innovation........................................1
Characteristics and personalities of entrepreneurs and their evaluation against students' own
behaviours, personalities to assess potential................................................................................2
Evaluation of internal and external factors that affect the development of an entrepreneurial
culture..........................................................................................................................................3
The process of business start-up from conception to execution..................................................3
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Entrepreneurship can be defined as an activity of developing and creating a business with
the help of innovation and making business or enterprise innovative. This presentation is going
to show the importance of entrepreneurship and innovation theories that helps and allows
entrepreneurs to perform their activities in an efficient manner and making all services differ
from others. It will also show requirement of some skills for becoming a successful entrepreneur
like passion, creativity etc. Further, it will also discuss some internal and external factors that
affect the performance and development of entrepreneurial culture. Some steps in a sequence
also plays a vital role in starting up a business.
Theories and practice of entrepreneurship, enterprise and innovation
Entrepreneurship can be defined as an activity of setting up a business and taking all
losses and profits with the main aim of earning money. An enterprise is a business for which an
individual perform several activities. Innovation refers a procedure of making a thing and
products creative and unique. For setting up a business or enterprise, there is a requirement for
entrepreneur to have some skills which can help them out in making their business and products
innovative as compare to other. So, from the definition of all three, it can be said that enterprise,
entrepreneurship and innovation are interrelated and dependent on each other. There are several
theories of entrepreneurship and innovation which are described as follows:
Behaviour theory: According to this theory some authors have said and assumed that
entrepreneurial development depends upon his/her experiences and present economic social
aspirations. There are some compositions which are required to focus on for entrepreneurial
development such as: production methods, labour market, training opportunities decide
opportunity competition. Behaviours of individuals may be made entrepreneurial by influencing
some factors of demand composition.
Social change theory: This theory of entrepreneurship development states that the
development and success of entrepreneurs depends upon ethical values system of the society.
This theory also believes that religion and the society in which an entrepreneur lives and run
his/her enterprise, religious values, faiths and sustainability affects his/her business, life and
energy as well.
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Innovation theory: According to this theory it is stated that entrepreneur is not
developed as it is born with the ability and desire to establish his/her own business or industry.
He/she always has desire to do something unique which can make him differ from other
businessman. He/she tries to take pleasure of his/her experience and creativity.
Cultural theory: According this theory, an entrepreneurial development and enterprise
may success when the society and the culture in which he/she operates encourage personality
development of enterprising person. He explained that the culturally marginal groups have
special importance in encouraging economic development of any Nation.
Characteristics and personalities of entrepreneurs and their evaluation against students' own
behaviours, personalities to assess potential
Different successful entrepreneurs have different characteristics, personalities and competencies
which made them able to get success in his/her life. There are several examples of successful
entrepreneurs which shows that their skills and behaviours was the main key of their success
such as:
Willingness to learn: There are several businessman who stops learning when they get
success and achieve something. But a successful entrepreneur Peter Jones said that having
willingness to learn new at all stage is the key that makes an individual successful. They also
said that it keeps an individual up to date that what is going in the market, sales processes,
innovation and technology.
Resilience: J.K. Rowling who is an author of much loved series of 7 Harry Potter
novels, He got success and became a successful entrepreneur, and she stated that the main key
and skills which makes her successful is resilience. It is an ability to go from one failure to
another without getting frustrated and no loss of enthusiasm. Learn from failure and take failure
is the key of success is the ability which only successful entrepreneurs have.
Confidence: Peter Jones who is a successful British entrepreneur, stated the key of his
success and the main skill which makes him able to become success' is confidence and passion of
doing something. Confidence increases morale and ability to perform something in an effective
manner. Confidence and passion is what which help an individual to find motivation when they
feel discouraged and it drive them forward.
Creativity and uniqueness: Richard Branson is a British business investor and
philanthropist who suggested and said that the main key of his success is creativity which makes
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